Volkswagen and Bosch abandoned the joint venture plan for battery factories and changed to cooperation at the project level.

CTOnews.com, May 4 (Reuters)-Bosch said on Thursday that Volkswagen and Bosch have cancelled their plans to set up a joint venture to equip a battery plant.

"We don't have a joint venture," said Stefan Hartung, Bosch's chief executive. The partnership with Volkswagen will continue to digitize its battery plant, he added.

Tanja Rueckert, head of Bosch Digital, said: "because speed is the key to digitization, cooperation at the project level is better than such factory construction cooperation."

The joint venture, announced in early 2022, aims to provide battery production systems and to assist battery manufacturers in expanding and maintaining their production bases.

A Volkswagen spokesman said: "Volkswagen and PowerCo stick to their plans to participate in the equipment of battery factories in the future. We are in negotiations with potential partners."

CTOnews.com note: PowerCo, a 100% holding subsidiary of Volkswagen, was established in July 2022 to handle the carmaker's global battery business.